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Perth is Australia's insolvency capital

19 May 2014 3:21PM
Western Australia is contributing more to Australia's growth in personal insolvencies than any other part of the country.The Australian Financial Security Authority has released regional insolvency data for the first time, showing those parts of Australia where insolvency rates are above average.Nationally, the number of debtors entering a personal insolvency (bankruptcy, debt agreement or a personal insolvency agreement) in the March quarter was 2.5 per cent up on the December quarter.Insolvencies in greater Perth were up 18.2 per cent over the same period. Insolvencies in the rest of Western Australia were up 21.1 per cent, with strong concentrations in Manjimup in the state's south and the northern wheat belt.Insolvencies in greater Brisbane were up 7.9 per cent. In regional Queensland they were up 4.3 per cent, with Toowoomba "the main contributor".Personal insolvency numbers in greater Sydney were unchanged, in greater Melbourne they were up 2.4 per cent, in the Australian Capital Territory they were down 13.4 per cent, in greater Adelaide they were down 7.3 per cent, in greater Hobart they were down seven per cent and in greater Darwin they were down 36.4 per cent.The number of debtors entering into a business-related personal insolvency fell 3.6 per cent in the March quarter. The region that made the greatest contribution to the fall was greater Sydney, where business-related insolvencies were down 12.9 per cent.

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